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You seem to be slowly turning to the side of it being an investment in the end. You start out with lambasting bitcoin and crypto as nothing but a ponzi scheme,

by Jommi 8y ago

You seem to be slowly turning to the side of it being an investment in the end. You start out with lambasting bitcoin and crypto as nothing but a ponzi scheme, yet by the end of this paragraph you admit that >If it develops that foundation then it will be like investing in a fledgeling industry, nurturing it until it can become self-sustaining and profitable. If those applications don't come through, it's just another scheme. Which is exactly what it is! I think lots of crypto debates should more accurately define their context. Are we debating if the current price of bitcoin represents its intrinsic value? Are we debating if bitcoin even has any value?

vertexFarm 8y ago
I don't see this drift you're speaking of. I actually really want to see cryptocurrency become a real thing, it has this amazing promise of computers maintaining a sense of absolute truth that resists all falsification. We desperately need to build a new decentralized system as the internet is brought under the control of fewer people each day. But it's not looking good so far. People need to be more mindful of how bubbles have played out in history. Realistic valuation is more healthy for a fledgeling industry than enormous, uncontrolled, and ultimately false sensationalist growth. I think anything has value so long as there's a group consensus of value. I'm not debating that. You say a fledgeling industry is exactly what bitcoin is, but I don't think we have strong enough evidence of that. I'm hopeful but skeptical. I'm allowed to be both. And if somebody calls me a concern troll I'm going to lose my mind. I hate that term. Eliminates any sort of realistic self-evaluation within a group. Sometimes it pays to examine yourself in a negative light. People gotta understand the possibility of it being a false promise as well as the possibility of it playing out well, but right now there seems to be two distinct and fanatical camps with no middle ground.

by Jommi 8y ago

vertexFarm 8y ago

I don't see this drift you're speaking of. I actually really want to see cryptocurrency become a real thing, it has this amazing promise of computers maintaining a sense of absolute truth that resists all falsification. We desperately need to build a new decentralized system as the internet is brought under the control of fewer people each day. But it's not looking good so far. People need to be more mindful of how bubbles have played out in history. Realistic valuation is more healthy for a fledgeling industry than enormous, uncontrolled, and ultimately false sensationalist growth. I think anything has value so long as there's a group consensus of value. I'm not debating that. You say a fledgeling industry is exactly what bitcoin is, but I don't think we have strong enough evidence of that. I'm hopeful but skeptical. I'm allowed to be both. And if somebody calls me a concern troll I'm going to lose my mind. I hate that term. Eliminates any sort of realistic self-evaluation within a group. Sometimes it pays to examine yourself in a negative light. People gotta understand the possibility of it being a false promise as well as the possibility of it playing out well, but right now there seems to be two distinct and fanatical camps with no middle ground.